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Hi,
Talking about attitudes, I came upon this today:
Market Wizards by Jack Schwager
A runaway best-seller and one of the most fascinating books ever
written about Wall Street. It contains interviews with 17 legendary
traders who reveal that they too once struggled like the rest of us
mortals to Keep their heads above water. (458 pgs).
What sets these traders apart? Most people think that winning in the
markets has something to do with finding the secret formula. The
truth is that any common denominator among the traders I interviewed
had more to do with attitude than approach. Some of the traders use
fundamental analysis exclusively, others employee only technical
analysis, and still others combine the two. Some traders operate on a
time horizon measured in hours or even minutes, while others
typically implement positions that they intend to hold for months or
even years. Although the trading methodologies varied widely, the
forthcoming interviews reveal certain important commonalties in
trading attitudes and principles.
Trading provides one of the last great frontiers of opportunities in
our economy. It is one of the very few ways in which an individual
can start with a relatively small bankroll and actually become a
multimillionaire. Of course only a handful of individuals (such as
those interviewed here) succeed in turning this feat, but at least
the opportunity exists.
Regards,
Pal
--- In amibroker@xxxxxxxxxxxxxxx, Yuki Taga <yukitaga@xxxx> wrote:
> Hi palsanand,
>
> Thursday, October 9, 2003, 11:07:40 AM, you wrote:
>
> p> Well, I don't just trade because I'm smart, but because I'm the
> p> smartest man in the world... That is exactly what you say every
time
> p> you buy and sell; You are calling the whole world a fool, every
time
> p> you buy and sell... That you bought or sold the underlying
> p> instrument (whether stocks, bonds or futures or FOREX) before
> p> everybody else did... Trading is the most ARROGANT thing a
human
> p> being can do... If you want to make money trading, don't be
just
> p> arrogant, be smart too...
>
> p> Regards,
>
> Wow, do we ever approach this from completely opposite attitudes.
^_^
>
> I assume every position I take is the stupidest thing I've ever done
> in my life. I am positive that there is some critical piece of the
> puzzle that everyone else sees, which I alone have failed to notice.
> I am very sure that every player in the market knows more than I do,
> and in fact may be a blood relative of the CEO of the company I'm
> buying or selling, and is right now casually reading over surprise
> financial data due to be released tomorrow that are not yet public.
> If I traded Forex in any size or frequency, I'd be sure the Treasury
> Department, the Ministry of Finance, and the BoJ would check the
size
> and vulnerability of my account before making startling policy
> pronouncements. ^^_^^
>
> Good luck with that feeling you have. I've known some people who
> *used* to be in this business, who felt like that. Some of them
even
> did real well . . . for a while. ^_-
>
> Yuki
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